Record peacetime borrowing

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Borrowing hits new high

The government borrowed £303.1bn in the year to March, according to the Office for National Statistics. That’s the highest since the Second World War. It has needed to borrow to support the economy through the coronavirus crisis and make up for lower tax incomes caused by the recession. The director of the Institute for Fiscal Studies says the debt figures are actually lower than expected.

Shopping spree

Brits went on a spending spree ahead of lockdown restrictions easing - retail sales rocketed 5.4% in March. Economists had expected a rise of just 1.5%. Clothes shops did particularly well, as shoppers rushed out to refresh their wardrobes ahead of pubs and restaurants reopening. The extra activity was mainly online, as non-essential shops didn’t open their physical doors until 12th April.

Coronavirus passports

People in England could have access to coronavirus passports by 17th May to allow them to take a holiday abroad without needing to quarantine. The passports would prove if you’ve had a coronavirus vaccine. They’re different to the domestic certificates which we might need to show to get into pubs and restaurants - that’s a separate scheme.